Let's call them frenemies. Martin Craighead, president and CEO of Baker Hughes Inc., sent out an internal memo to employees about Houston-based competitor Halliburton, which is in the works of acquiring Baker Hughes. Here's what Craighead had to say.

Harry Wilson was a member of the group that helped restructure GM in 2009, and he's written a letter to the company saying he will nominate himself for the board of directors. PLUS: Apple's record valuation probably isn't its ceiling, top business headlines, and notable upcoming earnings reports.

Houston-based Halliburton Co. (NYSE: HAL) confirmed it will cut anywhere from 5,000 to nearly 6,500 jobs companywide because of slumping oil prices and the resulting decline in oil and gas exploration and production.

Houston-based Halliburton Co. (NYSE: HAL) confirmed it will cut anywhere from 5,000 to nearly 6,500 jobs companywide because of slumping oil prices and the resulting decline in oil and gas exploration and production.

With oil prices down 50 percent since last summer, energy companies have rapidly begun to cut spending and jobs, including in Houston. Here’s a breakdown of some of the cutbacks key oil and gas players have announced thus far.